NY REAL ESTATE EXAM 2025
QUESTIONS AND ANSWERS
According to the New York State real property law, a real estate salespersons license is issued
for a term of how many years? - ANS 2 years
2. What type of residential real property transfer would require a property condition disclosure
statement? - ANS Newly constructed property that has not been previously inhabited
3. What happens to the licenses of salesperson's if they're sponsoring broker's license is
revoked or suspended? - ANS They are suspended
4. A listing broker for the seller has a buyer client who asks to see the listing. This request could
create which type of agency? - ANS Dual agency
5. A broker's compensation is determined by an agreement between a broker and the? -
ANS Principal/client
6. What fiduciary duty would be violated when a client suffers a financial loss as a result of an
agent's lack of expertise in dealing with a particular type of property? - ANS Reasonable care
7. If clients who sign an exclusive right to sell listing agreement with a broker find a buyer for
the property on their own, the broker is - ANS Entitled to the originally agreed upon
commission
1 @COPYRIGHT THEBRIGHT 2025/2026
,8. at an open house, Joe discloses to an interested buyer that he has the right to his own
representation but the buyer refuses. The buyers relationship to joe is an? - ANS customer
9.The main purpose of an agency disclosure form is to? - ANS inform consumers of the
agency relationship of them selfs to a real estate agent and available choices for
representation.
10.What scenario best illustrates the first substantial contact with a prospective buyer? -
ANS An individual meeting with an agent and discussing the purchase of a specific property
11.What type of real estate agent is authorized to represent a principal in one specific
transaction? - ANS Special
12.The Brokers principal is always the? - ANS Client
13.Susie seller has chosen broker Joe to represent her in the sale of her house broker Joe will
advance and protect Susie's interest during the sale. What word best describes the
relationship? - ANS Fiduciary
14.Which legal right allows an owner of land bordering a river or stream to use that water for
recreational purposes? - ANS Riparian
15.Which form of ownership can only be held by a married couple? - ANS Tenancy by the
entirety
16.Which types of estate is recognized by law to be the fullest form of ownership? - ANS Fee
simple, absolute
2 @COPYRIGHT THEBRIGHT 2025/2026
, 17.What deed provision would prohibit and owner from installing an inground pool? -
ANS Restrictive covenant
18.What lien has priority over all recorded lien? - ANS Real estate property Tax lien
19.Who must sign a deed? - ANS All grantors
20.What do lenders require as protection against title defects? - ANS Title insurance
21.A type of legal description that includes a point in place of beginning is? - ANS Metes and
bounds
22.What is the name for dividing financial responsibility for payment of rents, taxes and
insurance is between buyer and seller on a closing statement? - ANS Proration
23.Which type of insurance policy would protect the holder from defects in the evidence of real
property ownership? - ANS Title
24.Why does a landlord want a percentage lease with a retail tenant? - ANS The tenant
shares in the tenants business profits
25.What is the requirement for a real estate contract to be valid? - ANS The must be an offer
and acceptance
26.Which party to a real estate contract of sale usually signs at first? - ANS Purchaser
27.The requirement to provide a loan estimate form for all closing cost to the borrower or most
Residential Mortgage Loans is the? - ANS TILA-RESPA integrated disclosure Rule (TRID)
3 @COPYRIGHT THEBRIGHT 2025/2026
QUESTIONS AND ANSWERS
According to the New York State real property law, a real estate salespersons license is issued
for a term of how many years? - ANS 2 years
2. What type of residential real property transfer would require a property condition disclosure
statement? - ANS Newly constructed property that has not been previously inhabited
3. What happens to the licenses of salesperson's if they're sponsoring broker's license is
revoked or suspended? - ANS They are suspended
4. A listing broker for the seller has a buyer client who asks to see the listing. This request could
create which type of agency? - ANS Dual agency
5. A broker's compensation is determined by an agreement between a broker and the? -
ANS Principal/client
6. What fiduciary duty would be violated when a client suffers a financial loss as a result of an
agent's lack of expertise in dealing with a particular type of property? - ANS Reasonable care
7. If clients who sign an exclusive right to sell listing agreement with a broker find a buyer for
the property on their own, the broker is - ANS Entitled to the originally agreed upon
commission
1 @COPYRIGHT THEBRIGHT 2025/2026
,8. at an open house, Joe discloses to an interested buyer that he has the right to his own
representation but the buyer refuses. The buyers relationship to joe is an? - ANS customer
9.The main purpose of an agency disclosure form is to? - ANS inform consumers of the
agency relationship of them selfs to a real estate agent and available choices for
representation.
10.What scenario best illustrates the first substantial contact with a prospective buyer? -
ANS An individual meeting with an agent and discussing the purchase of a specific property
11.What type of real estate agent is authorized to represent a principal in one specific
transaction? - ANS Special
12.The Brokers principal is always the? - ANS Client
13.Susie seller has chosen broker Joe to represent her in the sale of her house broker Joe will
advance and protect Susie's interest during the sale. What word best describes the
relationship? - ANS Fiduciary
14.Which legal right allows an owner of land bordering a river or stream to use that water for
recreational purposes? - ANS Riparian
15.Which form of ownership can only be held by a married couple? - ANS Tenancy by the
entirety
16.Which types of estate is recognized by law to be the fullest form of ownership? - ANS Fee
simple, absolute
2 @COPYRIGHT THEBRIGHT 2025/2026
, 17.What deed provision would prohibit and owner from installing an inground pool? -
ANS Restrictive covenant
18.What lien has priority over all recorded lien? - ANS Real estate property Tax lien
19.Who must sign a deed? - ANS All grantors
20.What do lenders require as protection against title defects? - ANS Title insurance
21.A type of legal description that includes a point in place of beginning is? - ANS Metes and
bounds
22.What is the name for dividing financial responsibility for payment of rents, taxes and
insurance is between buyer and seller on a closing statement? - ANS Proration
23.Which type of insurance policy would protect the holder from defects in the evidence of real
property ownership? - ANS Title
24.Why does a landlord want a percentage lease with a retail tenant? - ANS The tenant
shares in the tenants business profits
25.What is the requirement for a real estate contract to be valid? - ANS The must be an offer
and acceptance
26.Which party to a real estate contract of sale usually signs at first? - ANS Purchaser
27.The requirement to provide a loan estimate form for all closing cost to the borrower or most
Residential Mortgage Loans is the? - ANS TILA-RESPA integrated disclosure Rule (TRID)
3 @COPYRIGHT THEBRIGHT 2025/2026
